Market collapsed on Friday

Market collapsed on Friday

NEW DELHI: Markets on Friday extended losses for the second straight session amid fears on global trade and economic growth. The benchmark BSE Sensex closed 341 points lower at 33,349, while the broader NSE Niftyfinished 95 points down at 10,030.

The BSE index lost 1.01 per cent during the day and the NSE platform dropped by 0.94 per cent.

A host of factors including a depreciating rupee, a tick-up in oil prices, and weak cues from global markets are weighing on the market, said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.

As the derivatives contracts expired on Thursday, there was a spike in rollovers, especially on the short side, which is an added concern, he added.

Yes Bank, Axis Bank, IndusInd Bank, Tata Consultancy Services and Kotak Mahindra Bank were among the major losers on the 30-share BSE, falling as much as 8.97 per cent. On NSE, all the sub-indices ended in red with Nifty Private Bank declining the most by 2.05 per cent.